Futures higher after positive China factory data
U.S. stock index futures were higher on Monday, after closing down the previous week, as investors focused on the bright spots in China's factory activity data and ahead of a string of domestic economic data.
* Growth in China's giant factory sector edged up to a six-month high in May but export demand shrank again, reinforcing the view that more stimulus would have to be rolled out in the coming months.
* The weeks brings with it a spate of U.S. data, culminating with the job report on Friday, which investors will peruse for clues on the timing of a rate hike.
* Data on Monday is expected to show that both personal income and construction spending rose in April. Personal income data is due at 8:30 a.m. ET (1230 GMT).
* The ISM releases its manufacturing index for May, which is expected to have increased to 52.0 from 51.5 in April. The PMI and construction spending data are due at 10:00 a.m. ET.
* Intel (INTC.O) shares were up 0.6 percent at $34.68 in premarket trading on reports that the company was nearing a deal to buy programmable-chip maker Altera (ALTR.O). Altera rose 5.4 percent to $51.50.
* Citigroup (C.N) was up 1.5 percent at $54.90 on a Wall Street Journal report that the bank is expected to close its troubled Banamex USA unit. Goldman Sachs upgraded the stock to "buy" from "neutral".
* CTi BioPharma (CTIC.O) rose 5.7 percent to $2.05 in heavy trading after the drug developer presented positive data on its blood cancer drug.
* Molycorp (MCP.N) fell 5.7 percent to $0.50 after the WSJ reported the rare earth miner is expected to skip a loan payment, which might lead to a bankruptcy filing.
Futures snapshot at 7:47 a.m. ET:
* S&P 500 e-minis ESc1 were up 8.75 points, or 0.42 percent, with 147,568 contracts traded.
* Nasdaq 100 e-minis NQc1 were up 25 points, or 0.55 percent, on volume of 24,581 contracts.
* Dow e-minis 1YMc1 were up 90 points, or 0.5 percent, with 24,787 contracts changing hands.